Fox Corporation (FOX): A Bull Case Theory

 We came across a bullish thesis on Fox Corporation on Accrued Interest’s Substack by Simeon McMillan. In this article, we will summarize the bulls’ thesis on FOX. Fox Corporation’s share was trading at $55.43 as of September 23rd. FOX’s trailing and forward P/E were 11.29 and 13.50 respectively according to Yahoo Finance.

Tubi, Fox Corporation’s wholly owned free, ad-supported streaming service (FAST), has demonstrated notable growth, with its viewership share reaching 2.2% in September 2025, representing a 22% increase from August 2024’s 1.8%. This uptick suggests a new upward trend, particularly significant given that Tubi’s viewership had remained relatively stable from May through August 2025. The growth highlights Tubi’s expanding presence in the FAST market, where it is increasingly outperforming major competitors such as HBO Max, Paramount+, and Peacock in terms of viewing share.

Despite this strong performance, Tubi’s achievements are often underappreciated, as the service is not widely recognized by consumers as part of Fox’s portfolio. The underlying implication is that Fox is successfully leveraging its ad-supported streaming strategy, capturing a meaningful audience segment in the increasingly competitive FAST landscape. This positions Fox well against other broadcast and streaming rivals, offering both scale and profitability advantages due to Tubi’s low-cost, ad-driven model.

The combination of rising viewership, consistent engagement, and market-leading performance underscores Tubi’s strategic importance to Fox, suggesting that the service could continue to deliver incremental value, both in terms of audience growth and advertising revenue, as the FAST sector gains further traction. Overall, Tubi’s performance represents a key competitive differentiator for Fox Corporation, providing a compelling narrative of underrecognized success within the broader streaming ecosystem and signaling potential upside as consumer adoption of ad-supported models continues to expand.

Previously we covered a bullish thesis on Madison Square Garden Sports Corp. (MSGS) by Boyar Research and Jonathan Boyar in October 2024, which highlighted the valuation gap between MSGS’s market price and the combined value of the Knicks and Rangers, with potential unlocking through minority sales or spin-offs. The stock has appreciated approximately 3.64% since coverage. Simeon McMillan shares a similar perspective but focuses on Fox’s Tubi platform, emphasizing FAST market growth, underrecognized viewership gains, and strategic value within Fox’s portfolio.

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Disclosure: None.